Section 38.2 - State employees' retirement system; creation; administration by retirement board; rules(1) A state employees' retirement system is created for the employees of the state of Michigan.(2) Except as otherwise provided in this section, the administration and management of the retirement system and the responsibility for making effective the provisions of this act are vested in a retirement board. Except as otherwise provided in this section, the retirement board may promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, for the implementation and administration of this act.(3) Subsection (2) does not apply to the Tier 2 retirement plan. The retirement board shall not promulgate rules for the establishment, implementation, administration, operation, investment, or distribution of a Tier 2 retirement plan.1943, Act 240, Eff. 7/30/1943 ;--CL 1948, 38.2 ;--Am. 1996, Act 487, Eff. 3/31/1997.